China’s digital currency edges closer with large-scale test by four state-owned banks

China Economic Review | Aug 7, 2020 at 5:44 AM
  • The Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China and the Agricultural Bank of China are working on the digital RMB with the central bank in major cities, including Shenzhen.
  • Users taking part in the trial can use the app to top up their accounts, withdraw money, make payments and transfer money after registering with their mobile phone number.
  • An official timetable for launching the digital RMB has yet to be announced, although on Monday, the People’s Bank of China (PBOC) said it would “actively and steadily promote the research and development of the state digital currency” in the second half of the year.